You can now send crypto without the internet in Venezuela, a local exchange has revealed. The exchange enables users to send crypto through a simple Short Massaging Service (SMS). This is a strategy to spur adoption.
The revolutionary SMS based crypto payment has been developed by Criptolago exchange. This is a strategy to grow crypto adoption in a country where internet penetration is still a nightmare. Transactions do not need users to be connected to the internet.
The exchange says the innovation came amid calls from Nicholas Maduro, the President for local firms to come up with solutions to alternative payment methods. The President’s vision was for a country where users can transact using offline payments ecosystems that are also compatible with the local currency; Petro.
Send crypto via SMS text only a big boost for adoption
However, the exchange’s SMS payment is not only supporting Petro but all other tokens it lists. Locals can now send Petro, Litecoin, Ether, Bitcoin, Dash, Glufco and Dash. All these no longer require one to be connected to the internet. There is also a nodule that supports sending Bolivars, the national fiat currency.
Criptolago exchange has been at the forefront in driving crypto adoption in the country. However, their advanced financial solutions have endeared them to Venezuelans. The recent partnership with Glufco where customers can access points of sales where shoppers can use cards similar to debit cards.
Send crypto without internet connection gaining fans
The offline transaction method comes at a time when coronavirus pandemic has led to the closure of banks making crypto trading thrive. Venezuela has less than 50 cases of COVID-19 but the Venezuelan president has imposed a countrywide quarantine to stop the spread.
Though the exchange has not made statistics available, this new development is poised to spur crypto usage in a country where internet connectivity is considered low. With the current devaluation of the local currency, making crypto payments without the internet is the only way out for the citizenry.